Rising air and road travel is driving demand for luxury hospitality, prompting Triton Hotels and Resorts to chart an ambitious expansion. The group, which operates the Raffles hotels in Udaipur and Jaipur as well as the Fairmont and Le Meridien in Jaipur, now plans to extend its footprint beyond Rajasthan.
It aims to develop new luxury properties in destinations like Goa, Rishikesh, Bengaluru, and Alibaug in Maharashtra, while also targeting Tier 2 and Tier 3 cities for future construction.
Ratan Kant Sharma, chairman of the infrastructure and hospitality group, noted that business has surged post-COVID, with a significant rise in both occupancy rates and average room tariffs.
“Cash flows are strong. There has been a surge in the hospitality business across the country post-Covid. Average room rates have shot up by between 30% and 50% with record occupancy numbers. Business has grown substantially,” Sharma said.
He noted that consumer spending habits have become more robust since the pandemic, with the ‘you only live once’ (YOLO) mindset playing a key role in driving higher levels of consumption.
“Suddenly, there’s been a huge demand. Like in many other markets across the world, it seems that Indians also believe in the philosophy of ‘there is one life’ and thus consumption with family and friends is a must. People today are taking short breaks with family instead of simply accumulating wealth and saving it for their next generations. We are becoming more like the US, where at the drop of a hat, families decide to go on short holidays within the country. That’s why we are seeing a spurt in last-minute bookings.”
The group anticipates generating a turnover of ₹300 crore this year across all its properties and operations.
Sharma said the group plans to invest around Rs 150 crore annually to fund the expansion plans. “This will be through a mix of internal accruals and bank debt.”
Jui Sharma, Executive Director of Triton Hotels and Resorts, stated that improved air and road connectivity has significantly contributed to the rising demand in the hospitality sector. “Airlines have become more of a utility, and highways are expanding fast. Infrastructure has expanded manifold. People are able to easily commute to newer destinations, something that they never imagined doing previously. For example, Dharamshala in Himachal Pradesh now has direct flights from many cities. So, you can easily hop on to a plane and visit the destination. And so you see hotels in Dharamshala have started to do well. The same trend is being noticed across most of the Tier 2 and Tier 3 cities as connectivity becomes better.”
Interestingly, Sharma pointed out that, unlike earlier trends where luxury hotels in India primarily relied on international travelers, the current demand is now being driven largely by domestic tourists. “We have enough population to support our economy and the hospitality sector. Frankly, we are no longer dependent just on foreigners. Today, we get around 70-80% of our hotel guests from within India. The aspirations of Indian travellers are on the rise, and people don’t mind spending money on luxury holidays. No matter how many rooms you add, they get filled up.”
When asked about the possibility of an IPO, Sharma mentioned that the group may consider going public in the next 2–3 years, once more properties become operational in various cities. Triton Hotels and Resorts is actively expanding its presence beyond Rajasthan into major destinations and Tier 2 and 3 cities.
Backed by robust revenue expectations and long-term plans, including a potential IPO in the next few years, Triton Hotels and Resorts is positioning itself as a major player in India’s luxury hospitality landscape.
